The won broke through the psychological 1,100 barrier against the U.S. dollar for the first time in 13 months on Thursday. It closed at W1,098.2, down W5.40 from the previous day.

It was the first time since Sep. 9, 2011 that the Korean currency strengthened above W1,100.

The won broke the barrier at around 2:52 p.m., just before the market closed, soaring to W1,097.7 at one point in trading.

Continued strengthening of the won could hurt the competitiveness of Korea’s exports, since Korean products will become more expensive overseas. In a survey by the Korea Chamber of Commerce and Industry of 160 exporters, 52.6 percent complained that they are already struggling.